Jersey FSC Issues 'Important Notice' To Track Down Delta Investors

Mandy Robinson, Tax-news.com, London

26 March 2001

Jersey's Financial Services Commission (FSC) has published a notice in the Financial Times to track down investors who were involved with investment schemes owned by Delta Options Limited or Delta Consultants Incorporated in 1992/93.

The Delta Scheme, which provided currency strategies, currency options programmes and short term managed currency positions had become insolvent in 1993. The notice, published on Thursday of last week, stated: 'A considerable proportion of world-wide investors in the Delta Scheme made their investment or reinvestment using, directly or indirectly, the services of persons or companies whose services were provided in or from Jersey in the Channel Islands,' and it had become clear that many investors had 'lost considerable sums of money.'

The FSC stated that it had undertaken legal action for an 'Order that certain named companies and other persons each pay into Court for distribution as the Court may direct such sum as appears to the Court to be just.'

In the notice the FSC urged investors to contact their legal advisers without delay, regardless of whether they have lost any money through Delta. 'This request,' stated the Commission, 'is made to enable the Commission to ascertain the losses of each particular investor; to ascertain whether they wish to be considered for inclusion in any distribution that the Court may direct; and to adduce further evidence to support the action brought by the Commission.'

Anyone wishing to contact the FSC's legal advisers can do so at:

Olsens (Ref.no: JDK 701873/3)
Advocates Solicitors and Notary Public
47 Esplanade, St Helier, Jersey
Channel Islands, JE1 0BD

tel: +44(0)1534 888900
fax: +44(0)1534 887744
email: enquiry@olsenslaw.com

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